I need help with an economics essay

Description

  an essay for economics class.. this is the instructions                                   


Department of Economics    Economics 201

Writing Assignment

First Draft: NOT MANDATORY: October 7

  Final Draft: MANDATORY: December

For the Writing Assignment,
you need to read the article: “Housing Market is Waking up to a New Hangover” by
Diana Olick, published on October 2014 by USA Today. The article is posted on
Titanium and can be downloaded from the following link: http://www.usatoday.com/story/money/business/2014/10/26/cnbc-housing-hangover/17772977/

The article illustrates a number
of economic concepts we have discussed in class. You should write a short
narrative essay that analyzes the article using the tools developed in class.
Below is a guideline on how the essay should be structured:

Format

1.  The essay should NOT
exceed 3-double spaced pages
, including graphs. Shorter essays are
welcomed.

2.  Use 12 point font, and 1-inch margins.

3.  A SEPARATE cover page (in addition to the 3-pages)
should be provided. The cover page should have your name, semester, and class
section. DO NOT include your name on the remaining pages.

4.  You DO NOT need a “reference” page unless you use
resources outside this article. This is not a research essay so the above
article should be your primary source, but you may choose to reference your
text, lecture notes, or other articles. If so, you need to cite the references
at the end of your essay.

5.  STAPLE your essay. DO NOT bind the pages or place them
in folders, etc.

6.  I deduct points if these rules are not followed.
Details are important!!

Content

Your essay SHOULD address
ALL points/questions below and include 3 graphs

1.  In the first paragraph introduce your essay, say what
you are going to discuss, and reference the article.

2.  In the following separate paragraph(s) summarize the
main points of the article.

3.  In one passage the article reads: “Investors, desperate for yield and fueled by
Fed-induced cheap cash, swarmed the most distressed housing markets, buying
bargain-basement properties and turning them into rentals.”
 Discuss this passage by addressing the
following points and provide an analysis (in an essay form):

a. 
Using an S-D graph (on a market for housing),
show how “investors buying properties” impact the housing market. Does any of
the curves (Demand or Supply for homes) shift in this case? Why? Please explain
clearly.

b. 
What happens to
equilibrium price and quantity of homes when “investors buy
properties”? Why?

c. 
What happens to consumer
and producer surplus in the housing market when “investors buy
properties”? Explain why. Be specific.

4.  In another passage the article reads: “Foreclosures have fallen to new lows since
the crisis…”
 Discuss this
passage by addressing the following points and provide an analysis (in an essay
form):

a. 
Using an S-D graph (on a market for housing),
show how a decline in foreclosures has impacted the housing market. Does any of
the curves (Demand or Supply for homes) shift (because foreclosures decline)?
Why? Please explain clearly.

b. 
What happens to
equilibrium price and quantity of homes due to the decline in
foreclosures. Why?

c. 
What happens to
consumer
and producer surplus in the housing market because of “a
decline in foreclosures”? Explain why. Be specific.

5.  In another passage the article reads: “Prices soared again between 2011 and 2013
due to the Federal Reserve’s intervention; it bought billions of dollars worth
of mortgage-backed bonds and pushed the average rate on the 30-year fixed to a
record low.”
 Discuss this
passage by addressing the following points and provide an analysis (in an essay
form):

a. 
Using an S-D graph (on a market for housing),
show how Federal Reserve policy to buy mortgage-backed securities (which lowers
mortgage rates) impacts the housing market. Does any of the curves (Demand or
Supply for homes) shift? Why? Please explain clearly.

b. 
What happens to equilibrium
price and quantity of homes because of the Federal Reserve
policy? Why?

c. 
What happens to consumer
and producer surplus in the housing market because of Federal Reserve
policy? Explain why. Be specific.

6.  Based on your understanding of elasticity, which of
the market do you think has a higher elasticity of demand: buying a house/apartment
or renting
a house/apartment? Provide a brief explanation on your essay (a short
paragraph will suffice).

7.  Write your conclusions in one last paragraph.

Grading and Other Considerations

1.  Your paper will be graded based on the following
criteria:

a.
The quality of your writing (separate from the quality of your analysis).

b.
Grammar, spelling, sentence structure.

c.
The quality and depth of your analysis,

d.
Your demonstrated ability to relate and apply the materials discussed in class
to the news story

2.  The DEADLINE to submit the paper is December 2. If you would like to get
feedback and a chance to revise your paper, you may turn in a first draft on October 7 at the latest, allowing
time for review/revisions.

3.  The paper is graded out of 100 points and is worth 15%
of your grade

4.  NO LATE PAPERS WILL BE ACCEPTED.

5.  The quality of the paper matters, not quantity. Please
make sure that your sentences are complete, coherent and grammatically
correct. 

6.  You need to hand me A HARD COPY of the paper.
Electronic submissions are NOT ACCEPTED.

7.  Make sure that you do YOUR OWN WORK and use YOUR OWN
words when developing the essay. You should by no means copy somebody else’s
paper – either your classmate’s paper, or the papers that you use as a source
of information. Copying violates the university honor system, and will be
punished accordingly.

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